We investigate changes in Asia's regional and global trade linkages and their influence on macroeconomic relationships … among Asia, Europe, and United States (US). We first document changes in trade patterns of East Asia, Europe, and US and … discuss stylized facts about East Asia's trade structure. The People's Republic of China (PRC) plays a critical role as an …

the Eurozone economies, the US, and developing Asia showing relatively weak home bias and advanced Asia, especially Japan … capital has been flowing from the US and the Eurozone economies to both advanced Asia (especially Japan) and developing Asia … and that foreign holdings of debt securities have been increasing in advanced as well as developing Asia but for different …

securities, with emphasis on Japan and developing Asia. We find that foreign residents generally increased their holdings of …

emerging markets. While countries in emerging Asia have been running sizeable current account surpluses, countries in emerging … characteristics in explaining this divergence in the catching-up process in Europe and Asia. We assume that the two regions constitute …